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> Montenegro Economy > World Travel & Tourism Council: Montenegro 3rd destination by growth in 2018

World Travel & Tourism Council: Montenegro 3rd destination by growth in 2018

World Travel & Tourism Council (WTTC) has published 2018 Travel & Tourism Economic Impact report. It evaluates economies of 185 economies in the context of tourism. In the introductory, Gloria Guevara Manzo, WTTC President & CEO, said:

“Inclusive growth and ensuring a future with quality jobs are the concerns of governments everywhere. Travel & Tourism, which already supports one in every ten jobs on the planet, is a dynamic engine of employment opportunity.”

Montenegro has 3rd world ranking by the tourism growth in the 2018 forecast. Montenegro is small economy (ranked 140th out of 185 assessed), but when it comes to contribution to GDP, it is ranked 30th by its relative size. It is ranked 100th by its long term growth, as forecast 2018-2028.

Here are the Montenegro’s key facts of 2018 annual research:

GDP: DIRECT CONTRIBUTION

The direct contribution of Travel & Tourism to GDP was EUR 459.1 mn (USD518.0 mn), 11.0% of total GDP in 2017 and is forecast to rise by 9.0% in 2018, and to rise by 4.2% pa, from 2018-2028, to EUR 752.6 mn (USD849.0 mn), 13.3% of total GDP in 2028.

GDP: TOTAL CONTRIBUTION

The total contribution of Travel & Tourism to GDP was EUR988.2mn (USD1,114.7mn), 23.7% of GDP in 2017, and is forecast to rise by 8.9% in 2018, and to rise by 3.9% pa to EUR1,582.3mn (USD1,785.0mn), 27.9% of GDP in 2028.

EMPLOYMENT: DIRECT CONTRIBUTION

In 2017 Travel & Tourism directly supported 14,500 jobs (7.6% of total employment). This is expected to rise by
4.5% in 2018 and rise by 1.1% pa to 17,000 jobs (8.1% of total employment) in 2028.

EMPLOYMENT: TOTAL CONTRIBUTION

In 2017, the total contribution of Travel & Tourism to employment, including jobs indirectly supported by the industry was 19.3% of total employment (36,500 jobs). This is expected to rise by 7.7% in 2018 to 39,000 jobs and rise by 1.3% pa to 45,000 jobs in 2028 (21.5% of total).

VISITOR EXPORTS

Visitor exports generated EUR932.8mn (USD1,052.2mn), 52.6% of total exports in 2017. This is forecast to grow by 7.9% in 2018, and grow by 4.5% pa, from 2018-2028, to EUR1,566.3mn (USD1,766.9mn) in 2028, 44.1% of total.

INVESTMENT

Travel & Tourism investment in 2017 was EUR369.8mn, 35.1% of total investment (USD417.2mn). It should rise by 6.4% in 2018, and rise by 4.2% pa over the next ten years to EUR596.1mn (USD672.5mn) in 2028, 41.7% of total.

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